Once you’ve found the house of your dreams, you’ve made an offer, and you’ve been through the inspections, it’s time to go through the mortgage process. However, you should keep these tips in mind in order to avoid derailing your transaction:

1. Don’t apply for additional credit. I know it’s tempting to buy appliances or furniture at this time, but don’t apply for credit until after your sale has closed. Lenders do not want you to be borrowing money at any time after your offer has been accepted. The lender can pull your credit at any time during the process. If there’s a big purchase in there, it could cause your mortgage to be denied.

“The lender can pull your credit at any time during the process.”

2. Do not make any large deposits to, or withdrawals from, your account. Even if you’re getting a financial gift from a family member, you should always contact your mortgage loan officer. There needs to be a paper trail with any large deposits or withdrawals.

3. Don’t change jobs. If you are switching careers or have a different income stream during the loan process, that can change things dramatically too.

If you have any additional questions about what to do and what not to do during the mortgage process, I advise you to reach out to your lender for specific advice.

If you need a recommendation for a good lender or if you have any other real estate-related questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.